DBS Vickers

 

DBS Vickers is one of the larger Singapore stock brokers and also offers accounts in Hong Kong. The service is apparently mostly the same for both sets of clients, but some fees vary depending on where your account is based – where this is the case, both terms are indicated below.

Non Hong Kong residents are likely to be steered towards a Singapore account, but of the available Singapore brokerages DBS Vickers seems one of the less interesting choices for the international investor. Its main selling point was the absence of custody fees on foreign stocks, but even this has recently been abandoned.

When I’ve approached the firm for information, customer service has been good enough but representatives at OCBC Securities and Phillip Securities seem more alert. I’d suggest international investors looking for a Singapore account start there.

For local investors in Singapore, it’s worth being aware that SGX equity purchases made through DBS iBanking with upfront cash settlement are charged at a lower rate of 0.18% with a minimum of S$18 (sales cannot be done on the same terms, unless the sale is made quickly before the T+3 settlement cycle is complete). This is one of the lower rates among local brokerages, but Standard Chartered and the Singapore arm of Saxo Bank will probably work out slightly cheaper for most investors.

Markets available
Online tradingCanada, Hong Kong, Singapore, USA
Telephone tradingAustralia, China B, Indonesia, Japan - Tokyo, Malaysia, Philippines, Thailand, UK
Dealing commissions and charges
Typical onlinemin ~S$15-40 / ~HK$100-225
Online detailsCanada 0.5% (min C$29), Hong Kong 0.2% (min HK$100), Singapore up to 0.28% (min S$25), Singapore cash upfront 0.18% (min S$18), USA 0.3% (min US$25)
Typical telephonemin ~S$15-unknown / ~HK$100-unknown
Telephone detailsCanada up to 1% (min C$43), Hong Kong 0.25% (min HK$100), Philippines 1% (min PHP1,000), Singapore up to 0.375% (min S$40), UK 1% (min £50), USA 0.45% (min US$35), for others consult broker
Other fees and charges
Account fees and inactivity feesNone
Custody charges for stocksSingapore accounts - Non-Singapore shares custody charges: S$2 per holding per month, if fewer than two trades in month or six trades in quarter (max $150 per quarter) / Hong Kong accounts - none stated
Dividend chargesSingapore accounts - Canada shares 1% of dividend (min C$4, max C$40), Hong Kong shares 1% of dividend (min HK$30, max HK$300), UK shares 1% of dividend (min £2.5, max £25), USA shares 1% of dividend (min US$4, max US$40), Singapore shares none, others not stated / Hong Kong accounts - Hong Kong shares 0.25% of dividend (min HK$10), Singapore shares 1% (min S$5), Canada, UK and USA shares none, others not stated
Corporate action chargesSingapore accounts - Canada shares C$25, Hong Kong shares HK$200, UK shares £15, USA shares US$25, others not stated / Hong Kong accounts - Hong Kong shares scrip/bonus issue HK$2 per board lot, rights issue/warrant exercise/stock offer HK$200, cash offer 0.25% (min HK$20, max HK$1,500); Singapore shares cash offer S$20, rights issue/warrant exercise S$25, proxy fee S$30, others not stated
Currencies
Currency conversion chargesNot stated
Hold cash in foreign currenciesYes
Currencies allowedCAD, EUR, GBP, HKD, SGD, USD
Other details
Tax-advantaged accountsCPF, SRS
Other products and servicesBonds, Funds, FX
Minimum account sizeNone (S$1,000 non-tradable deposit for non-residents)
Company locationSingapore
Further informationVisit the DBS Vickers website

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 Posted by at 1:42 pm